Through November, the Telluride area real estate market has seen a total of just under $500MM in transactions. That is 10% off of the near-record pace set over the same time period in 2017. But the $47MM transacted in November did push our YTD totals above the previous 5-year average. This was accomplished with an average number of Closings, evidence of our appreciating values.
The available supply remains tight with inventory levels at historical lows across most every market category. The lack of supply can be attributed to a number of factors but primarily it all comes down to people being happy with their situation and not looking for a change. Our market contains a sizable percentage of legacy and generational properties…those home and ranches that are unsaddled with debt that will remain in their current families for many decades to come. That characteristic of our area creates a very solid under-footing to our market, creating stability and resilience in slower times.
The snow is falling as I type this and the ski hill crew have been doing a great job getting new terrain open fairly quickly. Chair 6 will open Saturday so we can finally start skiing from the top of the mountain. Lots of smiles in town. Think Snow!